Cryptos Rally as Ethereum Set to Fork By Investing.com $ETH

© Reuters. Cryptos inched up on Tuesday.

Investing.com – Cryptocurrencies rallied on Tuesday, as was set to “fork” in an attempt to solve a mining issue.

The fork is an attempt to defuse a so-called “difficulty bomb” in the code of Ethereum. The change means that all users of the original blockchain will need to update their software but will disable a feature designed to make mining more difficult.

The feature was originally coded in as a way to switch from a Proof of Work, or a way to check against spam by asking for work, to a Proof of Stake concept, in which the creator of the next block is chosen randomly. The developers of Ethereum have decided o stick to Proof of Work for now.

Meanwhile other virtual currencies were up, despite regulation worries., the world’s second largest cryptocurrency by market cap, rose 3.42% to $557.23 on the Bitfinex exchange as of 8:53 AM ET (12:53 GMT).

was trading at $7,418.90, rising 1.61% the Bitfinex exchange, not far from an earlier low of $7,467.00.

The digital currency was still down 10% over the week. Bitcoin had fallen to a a six-and-a-half week low after reports last week that the U.S. Justice Department is looking into whether traders are manipulating the price of Bitcoin and other virtual currencies.

As governments have increased regulation, digital currencies have fallen in value. The total market cap was at $323 billion at the time of writing, compared to $311 billion on Monday.

Other digital coins were up slightly, with , the third largest virtual currency, increasing 1.38% to $0.59343 while was at $120.89, up 4.66%.

In other news, antivirus software founder and cryptocurrency advocate John McAfee hinted that he was launching a new type of fiat currency that is backed by digital currency.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*